Mad Dogs and Panameños!
The Wonder Years - Rediscovering the Magic of Split Dollar Life Insurance
On Demand Insurance is Here But Will it Stay?
The end of this past year witnessed further development of total loss, uninsured/underinsured motorist (UM/UIM) and COVID premium rebate class actions, along with movement in new(er) property and casualty class actions...more
UK Solvency II: PRA PS2/21 on expectations for work of external auditors on matching adjustment - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS2/21, setting out its expectations for the...more
COVID-19: FCA update on BI insurance test case - The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption (BI) insurance test case....more
COVID-19: Supreme Court judgment in FCA's BI insurance test case - On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High...more
Although it is logical that cyber attacks have risen during the pandemic, and there is anecdotal evidence that it is occurring, including our own experience, an interesting new report was recently released by Allianz, which...more
Recent regulatory developments of interest to insurers and their intermediaries. Among other things, includes UK FCA updates on preparing for the end of the UK-EU transition period. ...more
On November 19, 2020, the US House Committee on Financial Services Subcommittee on Housing, Community Development and Insurance held the virtual hearing, “Ensuring against a Pandemic: Challenges & Solutions for Policyholders...more
Brexit: PRA and FCA Dear CEO letter on final preparations for end of transition period - The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint Dear CEO letter that they...more
Building guarantee policies: PRA PS21/20 on extending policyholder protection - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection...more
This LawFlash provides a summary of the judgment of Lord Justice Flaux and Mr. Justice Butcher as it relates to the determination of the prevalence of coronavirus (COVID-19) under a particular policy. The court was somewhat...more
COVID-19: FCA Dear CEO letter and consequentials hearing for BII test case - On 18 September 2020, the UK Financial Conduct Authority (FCA) published a Dear CEO letter setting out its expectations of insurers (including...more
In Part I of this series, we discussed how COVID-19 had impacted almost every provision of a commercial lease, including the covenant of quiet enjoyment, continuous use provisions and force majeure clauses, among others....more
COVID-19: Judgment in FCA's business interruption insurance test case - The High Court has handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2020] EWHC 2448 (Comm) (15 September 2020), the test case...more
COVID-19: business interruption insurance test case judgment due on 15 September 2020 - On 9 September 2020, the UK Financial Conduct Authority (FCA) updated its webpage on the High Court business interruption insurance...more
As More Live Performances Are Cancelled, Limited In Size Or Postponed, Venues, Festival Organizers, Artists And Others Are Looking For Relief From The Financial Impact Caused By The Coronavirus Crisis....more
COVID-19: IAIS extends deadline for consultation on impact of COVID-19 - On 12 August 2020, the International Association of Insurance Supervisors (IAIS) updated its current consultations webpage to announce an extension...more
COVID-19: FCA statement on non-damage BI settlements and deductions relating to government support - The UK Financial Conduct Authority (FCA) has published a statement on non-damage business insurance (BI) settlements and...more
The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting....more
COVID-19: FCA updates on business interruption insurance test case - The UK Financial Conduct Authority (FCA) has published a number of updates to its webpage on the High Court test case concerning business interruption...more
Insurance stress test 2019 and COVID-19 stress testing: FCA feedback - The UK Prudential Regulation Authority (PRA) has published a Dear CEO letter giving feedback to general and life insurers that participated in the 2019...more
In 2014, the State of Ohio had the foresight to pass a captive insurance bill (H.B. 117). While captive insurance companies were allowed to operate in Ohio, captive domestics were prohibited in the Buckeye State. At the time,...more
Until fairly recently, the U.S. Constitution’s Contract Clause had fallen into relative obscurity. Proposed legislation concerning insurance coverage for the COVID-19 pandemic figures to place this provision of the U.S....more
AUTOMOBILE INSURANCE - Some people will have permanent complications from the Coronavirus, which will create a new population with pre-existing conditions. This may result in either more “eggshell Plaintiffs” or in an...more
1. Introduction - As from the second week of March 2020, we have witnessed the publication of several laws that seek to address the significant challenges posed by the (health, economic and social) crisis caused by the...more
In light of recent events, many insurers will be re-considering their product offerings and/or adjusting policy wordings. This article sets out key considerations from a regulatory and contractual perspective that will be...more